Michele Bachmann Dropping Out ADDED: Perry Not Dropping Out?

Republican presidential hopeful Michele Bachmann will reportedly announce that she's suspending her presidential campaign after a dismal showing in the Iowa caucuses.

A senior Republican official familiar with the congresswoman's plans told CBS News partner National Journal that Bachmann came to the decision to effectively end her run, recognizing that "there was no viable way forward."

Earlier, Bachmann canceled her campaign trip to South Carolina.

She scheduled to speak around 11 eastern.

I'm kind of surprised by this. I thought she would have stayed in for a couple of the upcoming debates. It doesn't cost much to do that. I guess she figures there's nothing she can do at this point to get on Mitt's VP list.